3M (NYSE:MMM) Upgraded at StockNews.com

StockNews.com upgraded shares of 3M (NYSE:MMM) from a buy rating to a strong-buy rating in a research note published on Thursday.

Several other equities analysts have also recently issued reports on MMM. Bank of America reduced their price objective on 3M from $110.00 to $100.00 and set a neutral rating for the company in a report on Tuesday, April 2nd. Mizuho reaffirmed a neutral rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Wells Fargo & Company lowered their price objective on shares of 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a research note on Wednesday, January 24th. Royal Bank of Canada cut their target price on shares of 3M from $84.00 to $78.00 and set an underperform rating for the company in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. reduced their price target on shares of 3M from $118.00 to $110.00 and set a neutral rating on the stock in a report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, 3M presently has a consensus rating of Hold and a consensus target price of $104.00.

3M Price Performance

MMM stock opened at $91.83 on Thursday. The firm has a 50 day moving average of $95.71 and a 200-day moving average of $97.41. The company has a market cap of $50.82 billion, a price-to-earnings ratio of -7.27, a PEG ratio of 1.74 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. 3M has a 12-month low of $71.12 and a 12-month high of $95.67.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is currently -47.82%.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after purchasing an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of 3M by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after buying an additional 43,732 shares during the period. Norges Bank acquired a new stake in shares of 3M during the 4th quarter worth $502,585,000. Bank of New York Mellon Corp raised its position in shares of 3M by 10.6% in the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after buying an additional 435,439 shares during the period. Finally, Invesco Ltd. boosted its holdings in 3M by 2.4% in the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after acquiring an additional 94,864 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.